Because NBR's revenue comes solely from subscriptions, it views password sharing as direct revenue theft, not a minor infraction. The publisher pursues legal action against corporate clients for copyright breach, aiming to set a precedent and aggressively defend its only business model.

Contrary to the belief that costly journalism is subsidized by lifestyle products, the NYT CEO asserts that hardcore news is the most economically value-creating part of the business because it generates a massive audience and brand authority.

The primary challenge for journalism today isn't its own decline, but the audience's evolution. People now consume media from many sources, often knowingly biased ones, piecing together their own version of reality. They've shifted from being passive information recipients to active curators of their own truth.

In a polarized media environment, audiences increasingly judge news as biased if it doesn't reflect their own opinions. This creates a fundamental challenge for public media outlets aiming for objectivity, as their down-the-middle approach can be cast as politically hostile by partisans who expect their views to be validated.

David Remnick, admitting he didn't know parentheses on a balance sheet meant losses, successfully pivoted The New Yorker to a subscription-first model. He identified the brand's deep reader loyalty as an untapped asset, correctly predicting it could outweigh declining ad revenue in a crucial move for legacy media.

The decision to abandon ads wasn't driven by falling revenue, but by an ethical epiphany. The CEO realized his clients were inefficiently buying print ads when more measurable options existed. He no longer wanted to facilitate that "lazy" spending, feeling it bordered on fraudulent.

The public announcement to eliminate all ad revenue was a strategic marketing move. It sent a clear message to the market: if NBR relied 100% on subscriptions, the content must be exceptionally valuable and worth the high price point, reinforcing its premium positioning and justifying the cost.

The NYT CEO sees the widespread belief in the need for shared facts, even among political opponents, as a powerful market driver. This demand for independent reporting creates a durable business model, despite low overall trust in institutions.

David Remnick acknowledges and embraces his magazine's identity as the "orthodox church of liberalism." This clear, unapologetic positioning creates a strong sense of community and loyalty. For a subscription business, serving a devoted "congregation" is more profitable than chasing a broad, dispassionate audience.